As Mr Wyckoff once said “Everything that market does today must be compared with what it did before”.Going from this lets try and drill AHF.ASX down.
The message from the bearish daily reversal of yesterday, if we can call it that (this is another one of those Grey areas in TA which I won’t get into and over complicate things), may suggest a consolidation/flat price action behaviour continuing between that level (18.5 cents) and the high of the pattern (25 cents) over the next week or two. With this in mind read along.
On the weekly chart below, most dominant price action behaviour was the breakout which still holds nicely, despite what may be called a short term bearish reversal on the daily (I will explain this on Tuesday at the webinar). That breakout level (prior resistance), now turns support on the downside, which I would like to see hold. Failure to do so, would cast a doubt about the authenticity of the upside breakout. So far, it is holding nicely and price action still continuing its “HINGE EFFECT” to the breakout bar, which is bullish. If and when this “HINGE EFFECT” is lost, I will exit my open position. For now watch and act is the course of action at my end.
To make things even simpler :
Is there a support break since the breakout bar on the weekly ?
Or, Is there a resistance break since the breakout ?
If not, what do we call this ?
Disclosure : AHF.ASX is held.
Chart is courtesy of tradingview.com
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